SP Tulsian of sptulsian.com is of the clear view that it would be tough for investors if they keep chasing momentum but things are looking positive for value investors on a select basis.

“On the index level we were expecting the second week of series to be quite unpredictable and with weak bias. So, maybe tomorrow bottoming out can happen even at the index level on the Nifty and Bank Nifty,” said Tulsian in an interview with CNBC-TV18.

Stock specific, he said one can look at UltraTech Cement at Rs 4,100 and JK Cement has not corrected much but maybe at Rs 1,100 or at Rs 1,150 it looks good. In the three months steel stocks have given a gain of almost 50-70 percent, he added.

They are also positive on auto ancillary, metals and other select stocks like HDFC Bank and Reliance Industries, said Tulsian.

SP Tulsian is a well-known equity analyst. A fundamental analyst with more than three decades of experience

When asked about financials, Tulsian said, “I had a positive view on State Bank of India (SBI) after seeing the Q2 numbers when the share was ruling at Rs 280-285. I have given a price target of Rs 370 by March 2020, and I still maintain that. It is an excellent buying opportunity at current levels.”

With regards to Bajaj Finance, he said it is good company but have expensive valuations. "I have always been saying that remain away from the stock”, said Tulsian, adding that Rs 4,000 can be taken as a near-term support for Bajaj Finance. "I hold it as an expensive stock. Maybe at Rs 3,800 to Rs 3,900 it can correct by about Rs 100-150 where probably it will find its own value and then thereafter it may again move upward, but still keeping away from Bajaj Finance at the current levels,” he said.

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